Martin Burn Ltd has informed that the Board of Directors of the Company at its meeting held on September 07, 2007, inter alia, has approved the issue of 9,96,141 equity shares warrants on preferential basis to a group of Strategic Investors whether or not they are members of the Company, in accordance with Chapter XIII of the SEBI (DIP) Guidelines, 2000, with each warrant being convertible into one equity share of the Company of nominal value of Rs 10/- each within a period of 18 months from the date of its allotment at a price not lower than the one determined as per the above mentioned guidelines and on such terms and conditions as the Board may deem appropriate in its absolute discretion.
Further the Company has informed that an Extra Ordinary General Meeting of the Shareholders of the Company pursuant to section 81(1A) and other relevant provisions of the Companies Act & other rules & regulations, shall be held shortly for approval of the above.
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